The Benecon Group Inc., Lititz, Pa.
Adding Some Depth to the Pool
The Lancaster County, Pa.-based Benecon Group had already made a name for itself in the world of employee benefits, having created, in 1991, the first municipal cooperative in Pennsylvania that was formed for the purpose of purchasing health-insurance benefits.
The company added to that momentum last year when it hired Stephen Gingrich, a former sales agent with Northwestern Mutual Life who, in the interim, had worked for Engle Hambright-Davies Inc. and EHD Advisory Services.
Gingrich was brought into the Benecon fold to create an ancillary benefit program for groups and individuals. In this time of skyrocketing costs in the area of public-sector benefits and accompanying political chaos (Wisconsin ring any bells for anyone?), Gingrich was able to create a three-year rate guarantee for more than 150 municipalities in their short-term disability, long-term disability and life-insurance programs. A three-year rate guarantee in these times? Think there's any value there?
"We are saving appreciable dollars on the switch to his program," says a borough manager in one of Pennsylvania's myriad municipalities currently assigned to Gingrich.
Specific savings for members of the cooperative are in the 15-percent-to-22-percent range. In these times of slashed public-sector budgets, that is a welcomed cost reduction.